Constellation Brands Inc expects to record a loss of about US$54.8 million in its current quarter from its billion-dollar investment in weed producer Canopy Growth, the Corona brewer disclosed in a regulatory filing on Monday.
Constellation invested more than US$4 billion in the loss-making Canopy for a nearly 56 per cent stake in the marijuana producer, banking on the proposed legalization of recreational weed in several countries. The very next month, Canopy fired founder and co-Chief Executive Officer Bruce Linton, a move that analysts believe was orchestrated by Constellation.
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